Real estate bill will help regulate the sector: Naidu

New Delhi: Union Minister of Urban Development and Housing M. Venkaiah Naidu on Tuesday said “changes in the real estate bill will help regulate real estate sector” and will be more “consumer friendly”.

Asked why there were changes in the Real Estate bill, Naidu said: “Through this bill, we have taken care of all the tensions of the common people. We did talk about it in parliament. After that we have made these rules for people’s consumption.”

“We have received a few responses from the public and after that we have finalised these rules,” he said at the International Film Festival of India (IFFI) press conference.

Naidu also said that the legislation will help regulate the real estate sector and there will be no scope for exploitation and cheating.

“All these rules have been notified and states will also make their rules. We will try to be more consumer friendly. There will be no scope for exploitation and cheating,” said Naidu.

“The act is really going to help us regulate the real estate sector, to improve the sector and also help the helpless consumers who have been harassed so far,” he added.